Write ‘Ture’ or ‘False’ against each statement regarding a bill of exchange:
(i) A bill of exchange must be accepted by the payee.
(ii) A bill of exchange is drawn by the creditor.
(iii) A bill of exchange is drawn for all cash transaction.
(iv) A bill payable on demand is called Time bill;
(v) The person to whom payment is to be made in a bill or exchange is called
payee.
(vi) A negotiable instrument does not require the signature of its maker.
(vii) The hundi Payable at sight is called Darshani hundi.
(viii) A negotiable instrument is not freely transferable.
(ix) Stamping of promissory note is not mandatory.
(x) The time of payment of a negotiable instrument need not be certain.
Answers
Explanation:
all false every questions' answer is false
True or false regarding a bill of exchange
(i) A bill of exchange must be accepted by the payee. (False)
The correct statement is A bill of exchange must be accepted by the Drawee.
(ii) A bill of exchange is drawn by the creditor. (True)
(iii) A bill of exchange is drawn for all cash transaction. (False)
The correct statement is A bill of exchange is drawn for particular cash transaction.
(iv) A bill payable on demand is called Time bill. (False)
The correct statement is A bill payable at future time is called time bill.
(v) The person to whom payment is to be made in a bill or exchange is called payee. (True)
(vi) A negotiable instrument does not require the signature of its maker. (False)
The correct statement is A negotiable instrument requires the signature of its maker.
(vii) The hundi Payable at sight is called Darshani hundi. (True)
(viii) A negotiable instrument is not freely transferable. (False)
The correct statement is A negotiable instrument is freely transferable.
(ix) Stamping of promissory note is not mandatory. (False)
The correct statement is Stamping of promissory note is mandatory.
(x) The time of payment of a negotiable instrument need not be certain. (False)
The correct statement is The time of payment of a negotiable instrument must be certain.
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